"People don't plan to fail, they fail to plan." There are eight major elements of financial planning. Having a plan will increase your odds greatly of having a more predictable and secure retirement. In addition, it will give you a measuring tool to help bring your spending more in line, and track your investment objectives.
It will also let you know if your goals are realistic, while identifying any unnecessary risks. Finally, it will increase your confidence, and show you new ways to optimize your wealth.
Eight Elements of Financial Planning
1. Cash flow management/building a cash reserve
2. Debt management
3. Insurance/Risk management
4. College Funding
5. Investment planning/Risk tolerance
6. Retirement planning/rate of withdrawals
7. Tax planning
8. Estate planning (wills, living wills, trusts, etc.)
